We are a one-stop-platform catering all types of business forms across India. We offer a wide range of professional services covering Company Registrations, Agreements-drafting, Getting different certifications for your business, Getting Subsidy from Govt., maintaining Corporate Compliances, Filing your Tax returns and many more.

Friday, 7 April 2017

New Income Tax Return Forms for Financial Year 2016 – 17

If
a person’s income exceeds Rs. 2.5 lakhs then he shall have to pay income tax on
such income. For this purpose, Income Tax Return (ITR) needs to be filed on or
before due date in the forms prescribed by Income Tax Department. Now how can
it be done? How many types of ITR forms are there? How to choose ITR form? For
all these queries, we are here to assist you anytime.

First
of all, Income Tax Return filing shall be mandatory for any person whose income
exceeds Rs. 2.5 lakhs. Income Tax Department releases ITR forms every year for
filing of ITRs for relevant financial year.

Some
basics about ITR forms have been discussed below –

1.ITR – 1 (SAHAJ):
This form is particularly for individuals having income from salaries, one
house property, other sources (Interest etc.) and having total income up to Rs.
50 lakhs.

2.ITR – 2:
This form shall be filled by individuals and HUFs who are not carrying out any
business or profession under any proprietorship. Earlier, ITR – 2A was required
to be filled if there has been an income from Capital Gains. Now latter has been
subsumed in ITR – 2 w.e.f. Assessment Year 2017-18.

3.ITR – 3:
Individuals & HUFs having income from a proprietary business or profession
shall be required to file ITR – 3 now. Earlier, ITR – 4 was required to be
filed for this purpose.

4.ITR – 4 (SUGAM): This
form shall be filled by the persons having Presumptive income from Business
& Profession. Earlier ITR – 4S was used for this purpose which has now been
subsumed.

5.ITR – 5: For
persons other than – (i) individual, (ii) HUF, (iii) company and (iv) person filing
form ITR – 7; shall be required to file this form.

6.ITR – 6: This
form shall be particularly filed by companies registered under Companies Act
2013.

7.ITR – 7: Persons
including companies required to furnish return under sections 139(4A) or
139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) shall be required to file
this form.

Now
you can choose which ITR form to file for Income Tax Purposes.

Do not miss our next update on Latest Amendments.

You may drop in your
queries at team@clicknfile.in or directly get in
touch with our finance/tax experts @ 8872032114, 8872032116, 8872013116